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Income Opportunity Realty Investors, Inc. (AMEX:IOT), a Dallas-based real estate investment company, today reported results of operations for the first quarter ended March 31, 2011. IOT announced today that the Company reported a net loss applicable to common shares of $307,000 or $0.07 per diluted earnings per share for the period ended March 31, 2011, as compared to net income applicable to common shares of $163,000 or $0.04 per diluted earnings per share for the same period ended 2010.
Rental and other property revenues were $83,000 for the three months ended March 31, 2011. This represents an increase of $22,000, as compared to the prior period revenues of $61,000, due to an increase in rental income received from the leasing of our storage warehouse.
Property operating expenses were $57,000 for the three months ended March 31, 2011. This represents an increase of $5,000, as compared to the prior period operating expenses of $52,000. There was an increase in the expenses relating to the storage warehouse of $27,000, an increase in miscellaneous corporate expenses of $2,000, offset by a decrease in the Mercer Crossing land portfolio of $24,000. The increase in expenses related to the storage warehouse was due to an adjustment to prior year taxes. The decrease in the land portfolio related to professional fees.
Interest income was $294,000 for the three months ended March 31, 2011. This represents a decrease of $415,000 as compared to the prior period interest income of $709,000. The decrease is due to the receipt of cash on the receivables form Unified Housing Foundation, Inc. in the current period. The notes are excess cash flow notes and interest on the notes is recorded as cash is received. Less cash was received in the current period as compared to the prior period.
Mortgage loan and interest expense was $309,000 for the three months ended March 31, 2011. This represents a decrease of $23,000 as compared to the prior period expense of $332,000. This decrease is due to reduction in the interest rate for a land loan, reducing the interest expense incurred in the current period.